Sit Investment Associates Inc. Holds Position in Cognizant Technology Solutions Corporation (CTSH)

Sit Investment Associates Inc. held its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,360 shares of the information technology service provider’s stock at the end of the second quarter. Sit Investment Associates Inc.’s holdings in Cognizant Technology Solutions Corporation were worth $7,594,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its position in Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock worth $2,425,316,000 after buying an additional 39,606,526 shares during the period. Comgest Global Investors S.A.S. purchased a new position in Cognizant Technology Solutions Corporation during the first quarter worth $224,748,000. Thrivent Financial For Lutherans raised its position in Cognizant Technology Solutions Corporation by 11,666.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,468,550 shares of the information technology service provider’s stock worth $146,928,000 after buying an additional 2,447,570 shares during the period. Alliancebernstein L.P. raised its position in Cognizant Technology Solutions Corporation by 112.5% in the first quarter. Alliancebernstein L.P. now owns 4,487,749 shares of the information technology service provider’s stock worth $267,111,000 after buying an additional 2,375,626 shares during the period. Finally, SRS Investment Management LLC purchased a new position in Cognizant Technology Solutions Corporation during the first quarter worth $134,797,000. Hedge funds and other institutional investors own 88.68% of the company’s stock.

Cognizant Technology Solutions Corporation (CTSH) traded down 0.24% on Friday, hitting $70.07. 2,636,572 shares of the stock were exchanged. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $72.07. The company’s 50-day moving average is $69.29 and its 200-day moving average is $63.21. The company has a market cap of $41.38 billion, a PE ratio of 22.48 and a beta of 1.17.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its quarterly earnings data on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.11. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.87 EPS. On average, analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.86%. The ex-dividend date is Friday, August 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio is currently 19.17%.

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Several brokerages have commented on CTSH. Credit Suisse Group set a $70.00 target price on shares of Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research report on Saturday, May 6th. BMO Capital Markets restated a “buy” rating and set a $76.00 target price (up from $69.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, August 4th. Needham & Company LLC restated a “buy” rating and set a $78.00 target price (up from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, August 9th. Zacks Investment Research lowered shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. Finally, Loop Capital upgraded shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and boosted their target price for the stock from $63.00 to $83.00 in a research report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Cognizant Technology Solutions Corporation has a consensus rating of “Buy” and a consensus target price of $70.02.

In other news, insider Gajakarnan Vibushanan Kandiah sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $66.00, for a total transaction of $99,000.00. Following the completion of the sale, the insider now directly owns 10,515 shares of the company’s stock, valued at approximately $693,990. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Allen Shaheen sold 442 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $70.58, for a total value of $31,196.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 91,222 shares of company stock valued at $6,326,183. Company insiders own 1.08% of the company’s stock.

Cognizant Technology Solutions Corporation Company Profile

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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